After Wednesday's bombshell announcement that Eddie Murphy is stepping down as host of the 84th Academy Awards following the resignation of producer Brett Ratner, new Oscars producer Brian Grazer and co-producer Don Mischer are talking to ET about the future of next year's big show.
Grazer, who got the call to produce the Oscars from Academy President Tom Sherak while he was on an airplane, shared early Thursday that they were still looking for a replacement host -- but news broke only hours later that comedian Billy Crystal would once again hold the honors
As for Murphy's decision to step down, Mischer reveals to ET that if Murphy wished to continue as host of the show without Ratner they would have been happy, but Eddie "made the decision."
However, the show must go on -- and he stresses that despite the public's perceived time crunch, the Oscars are actually in "extremely good shape." "We will have time to exchange ideas and explore ways to improve the show," Mischer says. "We're fine."
The 84th Academy Awards ceremony will take place on February 26, 2012, at the Kodak Theatre in Hollywood, California.